It's really getting on my nerves, this whole cowardly approach to the banking crisis. I'm trying to figure out if the media is just being stupid and dumbing down substantial debate or if nothing really substantial is going on in Washington.
Headline: Obama caps executive pay tied to bailout money
This is simply retarded. If you're going to run a bank, then run the bank. Limiting executive compensation has nothing to do with what makes a good bank good and what makes a bad bank bad with regard to the mess we're in. Stop bailing out insolvent banks. Buy them or let them go bust. This half assed populist monkey business is a waste of time, money and political capital.
There's going to come a time within the next 6 months when Obama will have lost his momentum and his approval rating with drop. When that happens lobbyists are going to ramrod Congress into doing something incredibly uneconomical, and all of the economists who have sway today are going to be mere academics again.
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